Musgrave Minerals’ Glittering Quarterly Report Signaling Robust Progress, Stock Soars 3%

July 31, 2020 12:57 PM AEST | By Team Kalkine Media

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Australian gold-focused company Musgrave Minerals Limited (ASX:MGV) in its June Quarterly report indicated noteworthy exploration-related developments at its Cue Gold Project.

At Break of Day deposit, a large RC and diamond drilling program commenced at Starlight gold discovery. While a parallel gold lode, White light was discovered 75m south of Starlight. The drilling at Starlight returned high-grade near-surface results, which would underpin the resource estimate update in late Q3, 2020.

As part of the Evolution Mining Earn-in and Exploration Joint Venture on Lake Austin, strong regolith gold halos have been identified in regional aircore drilling and phase 2 follow-up drilling has commenced.

In April 2020, MGV completed an oversubscribed share placement raising $6 million before cost. During the quarter, it sold 7.5 million Legend Mining shares and exercised 10 million options, realising a net gain of $634,000 cash and a retained holding of 12.5 million Legend shares.

Post the significant update, MGV stock edged up by ~3% to $0.695 (at 11:51 AM)

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